External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting commissioned in Q3FY25.</li><li>(2) NCLT approves the merger of Minda Kosei, Kosei Minda and Kosei Minda Mould into Uno Minda Ltd.</li><li>(3) The company’s board approved Capex for expansion of the Casting facility at Hosur from 11kMT per annum to 15kMT per annum.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting commissioned in Q3FY25.(2) NCLT approves the merger of Minda Kosei, Kosei Minda and Kosei Minda Mould into Uno Minda Ltd.(3) The company’s board approved Capex for expansion of the Casting facility at Hosur from 11kMT per annum to 15kMT per annum.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Uno Minda - Expect Operational Outperformance to Continue

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 
</li>
<li>
Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.</li>
<li>The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.</li>
</ul>


The GST Council has approved rate cuts , lowering from 28-29% to 18% for 2Ws (&lt;350cc), 3Ws, CVs, tractors and small PVs, while larger cars move to 40% from 43-50%. 


Price cuts of 2–9% in mass-market vehicles could spur demand just as rural sentiment, interest rates, and fiscal transfers turn supportive, creating a multi-pronged recovery catalyst for OEMs and ancillaries.
The rationalization removes structural distortions, improves affordability, and positions the festive season as a turning point for sector volumes and improved margins, though premium bikes and fleet operators face headwinds.


GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Gan & Lee Pharmaceuticals / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment</li>
<li>Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.</li>
<li>Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment
Short-Term supports to watch on ACWI-US continue to be $132 (testing now), $130, $128, $125-$126, and $123-$123.50. All signs point to the ACWI-US uptrend continuing for the foreseeable future.
Upgrading China to Overweight; Europe Breaking Out; Japan Also Remains Attractive. Buys in Consumer Discretionary (primarily autos/parts), Industrials, Services, Health Care, Materials, Financials, and Real Estate


Upgrading China to Overweight; Europe Breaking Out

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Belrise Industries / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belrise-industries" target="_blank" data-smartkarma-citation="entities:44122:1" rel="noopener">Belrise Industries (9156339Z IN)</a> is looking to raise about US$255m in its upcoming India IPO.</li>
<li>Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Belrise Industries (9156339Z IN) is looking to raise about US$255m in its upcoming India IPO.
Belrise Industries is an automotive component manufacturing company based in India offering a diverse range of safety critical systems and other engineering solutions for two-wheelers, three-wheelers, four-wheelers, commercial and agri-vehicles.
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.</li><li>The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.</li><li>The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.The growth will be driven by i) Mid to High Single-digit volume growth in 2Ws, ii) Low to mid-singledigit growth for PVs/CVs, and iii) Low teens volume growth in the tractor industry.The expected YoY EBITDA margin remains flattish due to higher discounts/ advertisement expenses and negative operating leverage being partly offset by price hikes taken over the past year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

UNO Minda Limited designs, develops, and manufactures sales diverse auto components. The Company offers alternate fuel and air filtration systems, canisters, brake and fuel hoses, noise suppressor caps, alloy wheels, seat belts, air brakes, air ducts and washer bottle, and body sealing products. UNO Minda serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

UNO Minda (UNOMINDA IN)

Uno Minda - Expect Operational Outperformance to Continue

Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting...

Axis Direct

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Q4FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.

Axis Direct

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Uno Minda - Expect Operational Outperformance to Continue

Operational Highlights in Q3FY25: (1) Uno Minda began commercial production at an advanced manufacturing facility at Khed city for 4W Lighting...

Axis Direct

GST Reform in Indian Auto Sector: Demand Revival Meets Margin Expansion Ahead of Festive Surge.

​GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.

Sudarshan Bhandari

Upgrading China to Overweight; Europe Breaking Out

Upgrading China to Overweight. Europe Breaking Out. Japan Remains Attractive. All signs point to the $ACWI uptrend continuing for the foreseeable...

Vermilion Research

Belrise Industries IPO - RHP Updates & Thoughts on Peer Comp and Valuation

Belrise Industries Limited is looking to raise about US$252m in its upcoming India IPO. In this note, we will talk about the IPO valuations.

Akshat Shah

Q4FY25 Earnings Preview - Automobile

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~8.5%/8.8%/9.3% YoY with flat EBITDA Margins.

Axis Direct

GST Council approves rate cuts, boosting demand for mass-market vehicles and creating a multi-pronged recovery catalyst for OEMs and ancillaries.